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2022 ◽  
Author(s):  
Paul A. Griffin ◽  
Hyun A Hong ◽  
Ji Woo Ryou

We examine whether proprietary costs drive R&D-active firms’ choice of private loan structure. We find that R&D-active firms are more likely to choose single-lender over multi-lender private loan financing. This is consistent with the theory that high-ability entrepreneurs protect their proprietary knowledge by communicating it to a single lender while disclosing generic and less sensitive information to the public. This propensity, however, significantly decreases after the enactment of the American Inventor’s Protection Act (AIPA), which accelerated public disclosure of firms’ patent details in filings with the US Patent and Trademark Office. This accelerated public disclosure potentially caused R&D information to spill over to rivals, increasing the proprietary costs of single-lender borrowers. AIPA enactment also increased the spread on R&D-active firms’ single-lender loans. These findings contribute to the voluntary disclosure and financing-choice literature by linking R&D-active firms’ choice of single-lender financing to the proprietary costs of public disclosure.


2021 ◽  
Vol 14 (3) ◽  
pp. 91-117
Author(s):  
Minjoo Gwak ◽  
Minjeung Kim ◽  
Gayeon Seo ◽  
Jihyung Han
Keyword(s):  

2020 ◽  
Vol 64 ◽  
pp. 101638 ◽  
Author(s):  
Jun Chen ◽  
Tao-Hsien Dolly King ◽  
Min-Ming Wen
Keyword(s):  

2019 ◽  
Vol 13 (2) ◽  
pp. 47-51
Author(s):  
Judit Csizmásné Tóth ◽  
Péter Szöllősi

In 2018 there was an increase in the number of people who borrowed personal loans, in both the European Union and Hungary. In Hungary, personal loans increased hugely by 48%. We conducted a non-representative survey. We wanted to determine those bank selection criteria that influence our decision on which particular bank we choose to borrow a personal loan. This information will help us to understand the customers better and let the banks provide a better service tailored to their needs. Keywords: private loan, personal loan, bank selection criteria


Author(s):  
Xiaoli Hu ◽  
Oliver Zhen Li ◽  
Yuehua Li ◽  
Sha Pei

U.S. multinational enterprises repatriated over $300 billion under the 2004 tax holiday. The repatriated funds can improve debt financing environment of nonrepatriating firms, especially those that are financially constrained. We document that such an externality of the tax holiday increases debt financing and consequently investments for financially constrained nonrepatriating firms relative to less constrained nonrepatriating firms. Using private loan market data, we further confirm a link from repatriated funds to increased debt financing for financially constrained nonrepatriating firms. Overall, the 2004 tax holiday appears to have benefited the U.S. economy through its positive externality on the debt market.


Author(s):  
Seoyoung Kim

This chapter provides an introduction to distressed debt, primarily from the vantage point of debtholders in financially distressed corporations. In doing so, it gives a description of this sub-asset class and the basic intuition along with stylized examples to explain the motivating factors behind the strategic behavior of other stakeholders that may devalue a distressed-debt investor’s financial claim if left unattended. This chapter also discusses the considerations in distressed debt exchanges of public bond issuances or in the restructuring of private loan agreements, with the view to minimizing the likelihood of strategic default and other inefficient outcomes to investors of distressed debt. Overall, this chapter offers exposure to the basic features and terminology in distressed debt and debt restructuring.


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